BUSINESS

10.21.11

GE Reports 57 Percent Profit Increase

Nelson Ching / Bloomberg-Getty Images

General Electric, the nation’s largest industrial company, reported a 57 percent increase in third-quarter net profit from the same period a year earlier, in line with Wall Street expectations, but the company’s shares still slipped 1.4 percent. A large part of the earnings jump came from GE discontinuing its finance unit in Japan—meaning there were lower-than-expected returns last year. Low demand for electric turbines caused margins to fall to 13.7 percent from 16.5 percent. CEO Jeff Immelt said he was pleased with the growth in such a "volatile" economy.